The singer cities her heart condition as a major factor in her money woes.
Her decision to file came after months of trying to work out deals with creditors, according to Braxton's attorney Debra Grassgreen.
Court records show the six-time Grammy winner filed for bankruptcy on Sept. 30 in Los Angeles.
The type of bankruptcy she filed could result in the sale of some of her assets to pay off debts listed in court records as ranging between $10 million and $50 million.
According to Braxton, her assets are worth up to $10 million.
Braxton was forced to cancel a series of shows in Las Vegas in 2008 after being diagnosed with a heart condition.
The Associated Press contributed to this report.